Increase your income

When you cannot decrease your spending, the other option is to find ways to increase your income. Whether you or another member of your household, there are many ways to bring in more to balance out your finances.

Get that raise

With a current job, it is always best to first look for ways to grow your income within the same company. Whether it be through a raise in pay, a raise in position or taking on added responsibilities, there are many ways to get a pay increase as long as you have solid reasoning. If you are a performing member of staff there is much more chance of your request being granted. There are also ways to move position inside a company if one becomes available, always keep your ears to the ground for possible openings within your skill set, even if they are not in your department.

Not only increasing in these ways, you may actually be entitled to a raise having been in a position for longer than a year. At this point it is best to look over your contract and see when you are eligible for an increase.

A new job

If you cannot increase your pay within your company, it is a good idea to look for something new. Finding a higher paying position is always possible, seeing as you have gained much needed experience from your last position.

While a second job is always an option as well, this isn’t usually advisable as it will double your stress as well. Splitting your time between family and two jobs is a tough route to follow, but can be done and will drastically increase your income. Just be sure to first find out if this is in line with your contract agreement at your first position. Just make all those in your life aware that many things will have to change and family responsibilities for your dependents will also have to increase, they will each have to play their part for the good of the family.

Freelance living

Probably the best option if you already have a full time position and cannot get a raise there, freelance work allows you to hire out your skills outside of work hours, usually at an increased rate. Building your skill set and client base, freelance work lets you be your own boss for this portion of work. While also adding to the stress, it can be a great way to build your own business, not to mention solidify your financial security.